TSB current account interest cut to 3% - MSE News

Former_MSE_Naomi

TSB has cut the interest on its Classic Plus current account from 5% to 3% from today...

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'TSB current account interest cut to 3%'

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eskbanker

Not sure why MSE feels the need to publish this today, after sharing the announcement three months ago!

TSB to cut interest rate on its current account to 3% - MSE News

"Bank does what it said it was going to do" doesn't really seem like much of a news story to me, even if it's TSB we're talking about....

Herbalus

eskbanker wrote: »

Not sure why MSE feels the need to publish this today, after sharing the announcement three months ago!

TSB to cut interest rate on its current account to 3% - MSE News

"Bank does what it said it was going to do" doesn't really seem like much of a news story to me, even if it's TSB we're talking about....

Well, you know how it works by now. It bumps it up the news list and reminds people who had forgotten exactly what day it dropped and couldn't be bothered to look it up. There was the same 2x news stories when Tesco interest reduced.

YorkshireBoy

It's not like anyone will be closing the accounts or transferring out any cash, bearing in mind it's still the best paying current account after FlexDirect.

Post would have been better delayed until 2nd August in an attempt to stave off the inevitable "how come I've got less interest this month?" questions that will surely come.

Elwood356

Has anyone had any luck contacting TSB or raising a complaint regarding the change?

PRAISETHESUN

Plenty of people have complained I'm sure, although I'm not actually sure what they expect the outcome to be - TSB announced the changes months ago (well in line with their T&Cs which allow them to make changes with sufficient notice) and are not going to restore the rate just because people complained. They'll probably listen more to people who move with their feet and switch away, although they are still one of the higher interest-rate accounts on the market so even if the rate has been cut it's still one of the better choices for those who can take advantage of it.

Zanderman

Elwood356 wrote: »

Has anyone had any luck contacting TSB or raising a complaint regarding the change?

PRAISETHESUN wrote: »

Plenty of people have complained I'm sure, although I'm not actually sure what they expect the outcome to be - TSB announced the changes months ago (well in line with their T&Cs which allow them to make changes with sufficient notice) and are not going to restore the rate just because people complained. They'll probably listen more to people who move with their feet and switch away, although they are still one of the higher interest-rate accounts on the market so even if the rate has been cut it's still one of the better choices for those who can take advantage of it.

Yes, no point in complaining. They were within their T&Cs to make the change. Some have argued pedantically over what was meant by TSB's promise 'after a year'. But it hasn't got them anywhere and it won't, so no point in trying. Especially now, some months after the announcement was made. It's old news now.

Elwood356

Thanks for the replies. I think the basis of the problem is TSBs combination of conflicting information and extremely slow communication. In April asked about it on the phone and got a non committal answer & so it was raised as a complaint. That was in the hope of getting an informed response.

It's now approaching the 12 week mark and I've had no response from TSB since the automated confirmation that a complaint was created. I'm interested to hear others direct experience.

@Zanderman - from what you've said it sounds like a good reason to raise it with them; promoting something that is untrue and not supported by T&C is something that banks should be called out on. The only way this can be communicated to them is via a complaint.

Zanderman

Elwood356 wrote: »

Thanks for the replies. I think the basis of the problem is TSBs combination of conflicting information and extremely slow communication. In April asked about it on the phone and got a non committal answer & so it was raised as a complaint. That was in the hope of getting an informed response.

It's now approaching the 12 week mark and I've had no response from TSB since the automated confirmation that a complaint was created. I'm interested to hear others direct experience.

@Zanderman - from what you've said it sounds like a good reason to raise it with them; promoting something that is untrue and not supported by T&C is something that banks should be called out on. The only way this can be communicated to them is via a complaint.

Not sure you've understood my point. They are WITHIN their T&Cs to change the rate. You agreed those T&Cs too. You cannot complain on T&C grounds. They contacted all account holders with the required notice period - and so you can't complain about that either. The only, vaguely, maybe, really--grasping-at-straws point is to challenge them on their promise about how long the 5% rate would last - a year or over a year (but that isn't in the T&C so isn't part of the T&C). BUT, as I think I said, or implied at least, several people tried that and failed.

Really, don't waste your time!! And, if you really want to find out other's experiences have a search on this forum - you're very late to the party, and the bad news is there wasn't actually a party.

Elwood356

@Zanderman

Not sure you understood my point - having one thing in T&C while writing to customers to tell them something else is grounds for a complaint. Particularly as the only way to get an answer from TSB was to raise a complaint (the CS team could not answer my questions when I phoned in April).

I have searched for other experiences, the large thread on the subject has multiple people stating they were waiting to hear back or had even bumped it up to the FO, and had not provided an update.

Zanderman

Elwood356 wrote: »

@Zanderman
Not sure you understood my point - having one thing in T&C while writing to customers to tell them something else is grounds for a complaint. Particularly as the only way to get an answer from TSB was to raise a complaint (the CS team could not answer my questions when I phoned in April).

I have searched for other experiences, the large thread on the subject has multiple people stating they were waiting to hear back or had even bumped it up to the FO, and had not provided an update.

Ok, Ill leave you to it! I'll just say that there was nothing in the T&Cs that was contradicted. The T&C's allow them to alter the interest rate if they write to you. They wrote to you. And, er, that's it. But you clearly don't agree, so I'll let you get on with it...